Around 1,150 cargo-carrying ships with an estimated vessel and freight value of $125 billion and as many as 20,000 seafarers are waiting to resume operations in the Gulf after the Iran war shut the Strait of Hormuz, Allianz Research said on Wednesday.

“Even if the US and Iran agreement holds and the Strait of Hormuz is reopened properly, solid assurances of safe passage will be required, involving the international community, particularly if traffic is to return to its pre-war levels, up to as many as 140 vessels a day,” the Munich-based insurance group said.

Marine insurance cover has been available throughout the conflict with increased premiums, Allianz said.

“However, the real issue for shipowners has been more about the risk to the crew and the vessel when transiting a conflict zone, rather than pure insurance considerations,” it added.

For the 1,150 vessels, Allianz counted vessels with a gross tonnage of over 100 GT.

According to the estimate, cargo with a volume of 29 million GT is awaiting passage through the strait.

The United Nations’ shipping agency said on Tuesday that an evacuation plan to enable hundreds of ships with some 11,000 seafarers stranded in the Gulf is underway.

(Reporting by Thomas Seythal; Editing by Sharon Singleton)